Jewel Bank Receives Bank & DABA License

June 8, 2022

Jewel Bank has received approval from the Bermuda Monetary Authority [BMA] for its combined full bank license and digital asset business [DABA] license.

The company said, “Jewel Bank is Bermuda’s first new bank in over twenty years and first digital asset bank. Jewel’s services address the core banking, payments, and settlement needs of many of the world’s largest global digital asset firms and exchanges, via API or web. As a full license Bermudian bank, Jewel Bank will service digital asset firms [B2B] around the world in any non-sanctioned jurisdiction, as well as the US.

“Jewel Bank’s primary focus is serving the needs of non-US domiciled or licensed firms, providing the essential digital asset banking, payments, fiat on/off ramps, custody, crypto-collateralized lending, stablecoin issuance and real-time settlement services large digital asset firms like exchanges need to de-risk their businesses and drive growth. The bank will also plan to offer domestic retail banking services in Bermuda and help accelerate Bermuda’s digital transformation.

Twitter Premier June 8 2022

“Jewel Bank’s banking infrastructure fills a critical gap in the burgeoning global digital asset market by providing globally accessible digital asset banking from the strategic global financial jurisdiction of Bermuda. At a critical time in the stablecoin market where certainty and true stability is needed with respect to stablecoins, Jewel Bank has innovated by making its bank the direct issuer of fully reserved one-to-one fiat-backed stablecoins issued against fiat deposits and regulated as a full bank.

“Jewel leadership chose Bermuda as the optimal non-US jurisdiction for its global digital asset bank due to Bermuda’s existing DABA1 digital assets framework under a single regulatory body (unlike the US), the sophistication of the Bermuda Monetary Authority regulator and Bermuda’s top global standing in compliance and anti-money laundering (AML) and counter-terrorist financing (CTF) measures2.

“Likewise, Bermuda’s prior commitment to accept single USD fiat-backed stablecoins for payment of taxes and government services, Bermuda’s history as a leading global financial services center in reinsurance and insurance, and the support and innovation from the top levels of leadership in Bermuda, including its driving force, Premier David Burt, were all key factors in the decision to domicile in the country.”

“Institutional banking infrastructure has been the critical missing link for high growth digital asset exchanges and institutions outside of the US, bringing much-needed liquidity, reliability, and scale to this rapidly growing global space and its demand for fiat ramps and stablecoin payments,” said Chancellor Barnett, Jewel Bank’s Founder, Chairman and Chief Strategy Officer.

“Jewel Bank will serve as the bridge between the traditional fiat banking system and new digital asset rails in order to serve the high-volume payments and settlement needs of our large global clients, including crypto exchanges, with both traditional and stablecoin-based payments solutions.”

Premier David Burt said, “The granting of a full banking license by the BMA to Jewel Bank is a tremendous achievement both for Jewel Bank and Bermuda. I am incredibly honored that Jewel Bank chose Bermuda as their home and am pleased to finally be able to say that Bermuda has a complete banking solution for the digital asset industry.

“Jewel Bank’s vision for stablecoins aligns well with our desire to support and embrace fully backed private sector stablecoin issuers. We look forward to working closely with Jewel Bank to help our Bermuda regulated industry achieve much needed banking support.”

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Comments (3)

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  1. watching says:


  2. Joe Bloggs says:

    “Jewel Bank is Bermuda’s first new bank in over twenty years”

    Well over 20 years. Jewel Bank is Bermuda’s first new bank in over 50 years. Bermuda Commercial Bank was established in 1969.

    Clarien Bank was Capital G Bank and Gibbons Deposit Company before that. It has been around for a long time.

  3. White Roof says:

    So…would anyone confirm they will not be providing services to Bermuda?
    I’ve read that although domiciled and setup here, Bermudians will not be able to use the services.